Stock advisory Company, J&K set to bring petrol, electricity, liquor under GST

Jammu and Kashmir (J&K) are poised to be the first state to bring petrol, electricity, liquor and real estate under the state goods and services tax (GST).

A formal decision is likely to be part of the state’s budget for 2017-18, scheduled for presentation in the first week of January.

Not only will the state’s decision revive the debate over extending the purview of GST to all sectors, including petroleum, alcohol and real estate, it may also serve as a template for other states.

Since these items are not part of the GST framework, the state will not have to share the revenues even while it avails of the efficiency associated with this piece of indirect tax reform.

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